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Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of investor Nicholasinvestor Nicholas
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    @investor-nicholas
    Join Date: 2009
    Post Count: 8
    January 26, 2010 - 9:49 am

    Jason, who are these guys? Please provide more info….

    Nicholas

    Profile photo of investor Nicholasinvestor Nicholas
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    @investor-nicholas
    Join Date: 2009
    Post Count: 8
    January 13, 2010 - 2:34 am

    G'day Samson,

    If it was me I would be putting the cash in the offset account, as you said you are saving 5.94% interest on the balance and have instant access to your cash, however putting the money in the term deposit means you will pay income tax on the interest made and have to wait to draw out your money.

    Food for thought.

    Nicholas

    Profile photo of investor Nicholasinvestor Nicholas
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    @investor-nicholas
    Join Date: 2009
    Post Count: 8
    October 17, 2009 - 11:57 pm

    Hi Bronte, your bank will value your property and lend according to their valuation. If you intend to borrow more than 80% of the value you will have to pay LMI. From what I understand most lenders will only lend as much as 95% of the property value.

    If you go with another bank for the second property, the new bank will only assess the value of the new property and you will pay LMI accordingly.

    Profile photo of investor Nicholasinvestor Nicholas
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    @investor-nicholas
    Join Date: 2009
    Post Count: 8
    October 17, 2009 - 11:31 pm

    Hi Bronte,

    I'm a little unsure about what your after however is this right?:

    Your PPR is currently at 86% LVR.
    You want to buy another property for 524k and borrow the whole amount
    You have 40k cash to help with costs.

    If you borrow 95% of the cost of the new place (from a different bank), your 40k will go most of the way to cover LMI and stamp duty. If you intend on borrowing on your limited equity you will also have to pay LMI on your current mortgage.

    I hope this helps

    Profile photo of investor Nicholasinvestor Nicholas
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    @investor-nicholas
    Join Date: 2009
    Post Count: 8
    September 28, 2009 - 11:04 am

    Forgive me for being a little naive but the math for the 10% from AW isn't making sense to me.

    If the value is 900 and to prevent paying LMI the total equity available would be 80% of 900 ie 720
    less the outstanding debt of 420 = 300k

    Shivasko's share is 10% of 300k = 30k

    Please point me in the wrong direction if I have calculated this wrong.

    Nicholas

    Profile photo of investor Nicholasinvestor Nicholas
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    @investor-nicholas
    Join Date: 2009
    Post Count: 8
    August 25, 2009 - 2:07 am

    Thanks guys, I have had a look at their website (amongst many others) and will be getting in contact with them.

    Regards,

    Nicholas

    Profile photo of investor Nicholasinvestor Nicholas
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    @investor-nicholas
    Join Date: 2009
    Post Count: 8
    August 17, 2009 - 11:48 am

    Which city are you refering to?

    Also all it may take is a couple of expensive sales in the area to drive up the median price

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